Marketmen believe that the market sentiment is likely to remain bullish even as investors will remain cautious ahead of the settlement in the domestic derivatives segment. “The market is expected to dance to the global tunes this week. It would remain volatile and as we approach the settlement day it would move up further,” Unicon Financial Chief Executive Gajendra Nagpal said.
Analysts believe that underlying strength is still there in the market, but absence of any major domestic trigger would make it look towards the global markets for direction. “Market would trade with upward bias as ample liquidity would keep the market buoyant. There would be substantial recovery after every downside,” Ashika Stock Brokers Research Head Paras Both said.
The domestic markets stretched their weekly run of gains to three in a row. The Bombay Stock Exchange benchmark Sensex gained 173 points to settle at 17,021.85, while the NSE’s Nifty index settled at 5,052.45 points. “The market would trade in the range of 4,900-5,100 this week. There would be flat opening on Monday as it is difficult to predict a direction amid uncertain global markets,” Taurus Mutual Fund Managing Director RK Gupta said.
Futures & options
The November contract of the futures and options (F&O) segment would settle on Thursday. On Friday the global markets closed in the red in the range of 0.31-1.33 per cent. The Wall Street ended in the negative terrain with Dow Jones Industrial Average ending 0.14 per cent down at 10,318.16 and tech heavy Nasdaq at 2,146.04, down 0.50 per cent. Analysts believe institutional buying would propel liquidity in the market this week. “Long term money is coming in the market as institutional investors money would keep the market active. Retail investors are, however, betting money in derivatives segment,” Nagpal said.
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